USD/NOK may fall 739 - 1039 pips

Our pivot point is at 10.9450.

Our preference

The downside prevails as long as 10.9450 is resistance.

Alternative scenario

Above 10.9450, look for 10.9940 and 11.0240.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 10.9016 and 10.9075).

Supports and resistances

11.0240 **

10.9940 *

10.9450 **

10.9250

10.8979 last

10.8240

10.7940 **

10.7650 *

10.7350 **

Number of asterisks represents the strength of support and resistance levels.